Romanian investment fund Fondul Proprietatea Thursday said its net assets fell to 14.89 billion lei (EUR3.1 billion) in January, from a little over RON15 billion in the previous month.
The Fund reported a Net Asset Value (“NAV”) of RON 15,013.7 million as at 31 December 2013 and a Net Asset Value per Share (“NAV/share”) of RON 1.2436 (a NAV per Share total return of 13.3% compared to 31 December 2012).
The NAV/share dropped by 0.78 percent in January, from 1,2436 lei to 1,2339 lei, according to the statistics provided by FP. The drop was determined by corrections registered by the Bourse in January, when stock value for companies owned by the Fund registered a 1.48% drop, down to RON 8.112 billion (EUR 1.84 billion).
The Fund’s holding in listed companies were valued at the end of last year at RON 8.234 billion. The value of unlisted company shares owned by the fund remained in January at RON 6.375 billion (EUR 1.446 billion).
Fondul Proprietatea ended 2013 with unaudited net profit of RON 682.2 million, an increase of RON 115.2 million compared to the net profit for 2012 of RON 567.0 million. Total shareholders’ equity was RON 11,019.3 million as at 31 December 2013, a decrease of 6.9% compared to the value of RON 11,836.8 million as at 31 December 2012.
The overall upwards trend of the Fund’s NAV performance in 2013, was correlated with the overall conditions on the BVB, which positively impacted the valuation of the listed holdings in the Fund’s portfolio.